When rewarding your team’s performance with bonuses, it is important to consider how those bonuses are given, along with the tax implications for both you and the employee. One-time bonuses are generally calculated by percentages. The rates cluster around 3% to 5% of annual salary for clerical and support staff. Managers might receive in the low-double-digit percentage range and executives
On April 16, 2024, the IRS revised frequently asked questions for the new and previously owned clean vehicle credits.
The first quarter estimated tax payment for tax year 2024 is due April 15. Estimated payments apply to self-employed individuals, retirees, investors, businesses, and corporations.
For 2024, there is a $150 increase to the Flexible Spending Account (FSA) contribution limit. Throughout the year, taxpayers can use FSA funds for qualified medical expenses not covered by their health plan.
Would you like to reward your employees with a year-end bonus and deduct the bonuses on your company’s 2023 tax returns?
If you are running a company, you may be experiencing a lot of uneasiness. What are the thoughts or issues chief financial officers (CFOs) are facing today?
The IRS and tax professionals continue to see aggressive broadcast advertising, direct mail solicitations, and online promotions involving the ERC. While the credit is real, aggressive promoters are misrepresenting and exaggerating who can qualify for the credits.
The IRS warns about Employee Retention Credit claims to con ineligible people to claim the ERC credit. Some of these offers collect your personally identifiable information in exchange for false promises.
Taxpayers have until Tuesday, April 18, 2023, to file their 2022 tax return since April 15, 2023 falls on a federal holiday. If filing an extension, the extended due date to file the income tax return is October 16, 2023 because October 15, 2023 falls on a Sunday.
Many homeowners sell their houses at a profit, which raises questions about taxation. Fortunately, the IRS gives breaks on these profits. Learn about the details that can save you a lot of money.
If you are interested in claiming the EV tax credit for purchasing a new electric vehicle after August 16, 2022, a tax credit is generally available only for qualifying electric vehicles where final assembly occurred in North America. A transition rule applies for electric vehicles purchased before August 16, 2022.
Selling or acquiring a business is a new experience for most business owners. One key to a successful sale or purchase is using a CPA well-versed in current tax regulations and laws.